Recently enacted legislation to roll back some of the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act is likely to have a negative impact on non-bank home lending.
In May, President Donald Trump signed the Economic Growth, Regulatory Relief, and Consumer Protection Act into law.
Among the provisions of the new law is allowing smaller financial institutions to take advantage of the QM safe harbor even though their loans don’t meet the same requirements as other lenders.
Source: Mortgage Daily
